This month, we’re covering the most common mistakes when it comes to payroll; mistakes that can cost you and your business dearly. Once you overcome the hurdle of correctly classifying and compensating exempt versus nonexempt employees, you should turn your sights to supplemental compensation. Are you handling bonuses, commission, fringe benefits and other payments within the law?

Let’s say today the Texas Workforce Commission (TWC) decided to investigate whether your exempt and nonexempt employees are being compensated fairly. Do you think you’d pass the test? Before you answer, consider this: Even the major accounting firms routinely run into problems classifying their own employees (see this latest ruling regarding entry-level associates).

What’s the single best way to reduce estate tax in 2015? Don’t die. Aside from that, the following points are a few things you should know about leaving your hard-earned assets to loved ones this year. If it’s been a while since you’ve updated your estate plan (or you have yet to create one), pay attention to some big changes that have occurred in recent years.

In Texas, determining whether married couples should file jointly or separately on federal income taxes can be fairly simple. Texas is a community property state, which means the earnings of each married spouse are considered “joint” by default. So, in most cases, filing jointly is the obvious path. But are there exceptions? Of course!

You may have recently seen a viral news story claiming the IRS will be delaying refunds for the 2014 tax filing season until after October 15, 2015. That specific claim is false (it was posted on a fake news site). But if you’re holding out hope for an early refund, don’t hold your breath. The reasons are, well, complicated.

A Qualified Settlement Fund ("QSF") is a powerful tax vehicle used to control the taxability of legal settlements. Properly done, an attorney can use a QSF to defer receipt and subsequent taxation of legal settlements or awards.

It’s that wonderful time of year when many family-owned businesses add temporary staff. And, it seems, this year more than ever. According to global consultancy Challenger, Gray & Christmas, 2014 holiday hiring was off to a great start with the most nationwide October job gains ever recorded. With such a surge, it may be tempting to cut a few corners when it comes to hiring seasonal staff. But, make no mistake, the IRS is watching. Ask yourself the following questions in order to stay out of trouble:

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